Bitcoin Shows Early Warning Signs of Pullback, According to Crypto Analyst

A prominent crypto analyst has raised concerns about a potential pullback in Bitcoin (BTC) based on recent market trends.

Market Analysis

Justin Bennett, a well-known crypto trader, recently shared his insights with over 115,800 followers on X. He highlighted that BTC whales have been shifting away from long positions in favor of building short positions against retail investors. This shift in market dynamics could potentially lead to a downward movement in Bitcoin’s price, with Bennett suggesting a possible slide down to $106,300.

According to Bennett’s chart analysis, any potential downward movement in BTC is expected to occur within the next 48 hours.

Market Trends to Watch

Bennett also advised crypto traders to monitor the performance of the stock market, particularly the S&P 500 index. A critical level breach in the index could trigger a significant market correction, potentially revisiting the lows witnessed in April and May.

As of the latest update, Bitcoin is trading at $107,698, representing a 2% decline over the past 24 hours.

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